Cronos (CRO) Bulls Charge as 21Shares Drops New ETP—Wall Street Late to the Party Again
CRO’s price action gets a turbo boost as institutional players finally wake up—21Shares launches a Cronos-focused exchange-traded product, sparking fresh bullish momentum.
Subheader: The Institutional Stamp of Approval
ETP launch signals growing crypto legitimacy, but let’s be real—retail traders spotted this gem back when gas fees were still a meme. Technicals show CRO breaking past resistance levels, with traders eyeing a retest of its ATH.
Subheader: The Cynical Take
Another day, another crypto ETP. Traditional finance scrambles to package what decentralized communities built years ago—while taking a tidy 2% management fee, naturally.
21Shares lists CRO’s ETP on Euronext Paris and Amsterdam
Crypto asset manager 21Shares announced on Tuesday that it had launched a new ETP offering investors regulated exposure to Cronos’s native token CRO. This ETP is listed on Euronext Paris and Euronext Amsterdam. CRO price rose 2% on that day.
Offering an exchange-traded product is generally a positive sign for Cronos in the long term, as an ETP can make it easier for traditional investors to gain exposure to CRO without needing to purchase and store the cryptocurrency directly. Moreover, it lends more legitimacy to CRO and increases liquidity.
What connects the EVM ecosystem with one of the world’s leading crypto exchanges? 🔍
Meet Cronos — the 21Shares Cronos ETP, now listed on Euronext Amsterdam (USD) and Paris (EUR).
Tap into scalable Web3 with Cronos’ multi-layer architecture. Visit our website to learn more:… pic.twitter.com/3AtDsMYeci
Cronos Price Forecast: CRO bulls aim for the $0.10 mark
Cronos price has been hovering around its 50-day Exponential Moving Average of $0.089 for the last two weeks. At the time of writing on Wednesday, it trades slightly above around $0.091.
If the 50-day EMA holds as support and the CRO continues its upward trend, it could extend the rally toward its key psychological level at $0.100. A successful close above this level could extend additional gains to retest its next weekly resistance at $0.108.
The Relative Strength Index (RSI) on the daily chart reads 54, above its neutral level of 50, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) also showed a bullish crossover, indicating a continuation of an upward trend.
CRO/USDT daily chart
However, if CRO faces a pullback and closes below its 50-day EMA, it could extend the decline to test its next daily support level at $0.077.
